Bulgaria Ski discussion board

I took a Bulgarian Mortgage a couple of years ago when I bought my place. Everything was arranged through a broker called Bulgarian Home Loans in UK who organised all the legal stuff. There were certainly hiccups but everything was sorted out in the end. I take the point about owning a property with no mortgage but I reckoned it was best to put down a small amount of money and pay the rest over time. The rates are higher of course but as the total amount is relatively small it does\\\'nt make too much of a difference, especially now our own rates are creeping up. If they go up much more and house prices here slip a bit it might make the re mortgage you would have arranged to pay for the Bulgarian place a bit pricey.
In my case I seem to remember that the bank needed various documents from the developer before they could release the mortgage money. I think there had to be some sort of certificate to say the place was habitable, Article 16 I think it was called. Also the bank would only lend on the amount on the Notary Deed which will be different from the purchase price as they usually under declare to save paying the full amount of tax. The price on the Notary Deed was fixed by the local Municipality. I think it is now possible to specify having the full purchase price put on the deed and if you are going down the mortgage route you will need to do this through your solicitor. I think in my case I was able to have the amount I was getting the mortgage (70% of purchase price) put on the deed which was a compromise between the usual 30% the developer likes to have put on and the full amount which is what I would have liked.
II have heard cases where the developer has tried to extract the amount he would have saved by under declaring the value by having the buyer pay it but that will be up to your lawyer to sort out.
As a previous post said, if you are paying for it with mortgage money it is between the bank and the developer to sort out as without the mortgage being released the developer will not be paid and he has an incentive to get the documents sorted.
It might take a bit of nerve but if you can sit back a bit and let them get on with it it will probably sort itself out.
I still have the two inch thick file of e mails that were generated by my purchase but everything came good in the end.
If you want me to unearth it for you and look up any specific points or queries just PM me and I will see what I can do.